the draw distance is impressive in that one shot, and from what i can tell, the lighting looks very nice. Textures look extremly "bumpy" which is good.
the overall effect looks nice, but it's hard to tell for sure.
edit// based on the previous shots, and just looking at these... it's obviously better, but one problem with the early shots was the very simple geometry (which almost reminded me of counterstrike) that may still be a problem based on these shots, it's hard to tell.
i really hope this turns out good. i need another reason to buy a 360.